The ongoing trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele has encountered fresh challenges, as the prosecution appears to be grappling with the unavailability of a crucial witness. Reports indicate that the prosecution might inform the Federal Capital Territory (FCT) High Court that Jim Obazee, a special investigator appointed by President Bola Tinubu, is unable to testify in the case concerning an alleged $6.23 million discrepancy at the CBN’s Abuja branch. Sources close to the case suggest that this could lead to another request for an adjournment. Legal experts have pointed out that the court, under the leadership of Justice Hamza Muazu, has already voiced concerns over the repeated delays in the trial. In fact, several adjournments have been granted, some of which exceeded the statutory time limits, raising concerns about the efficiency of the proceedings. At the last hearing on March 17, Justice Muazu explicitly directed the Economic and Financial Crimes Commission (EFCC) to present its principal witness on the next adjourned date, cautioning that failure to comply could result in consequences. A judicial source, who preferred to remain anonymous, revealed that the prosecution had initially planned to call a police officer as a witness but later scrapped the idea. The decision to abandon this plan was reportedly due to concerns about the reliability and weight of the testimony in such a high-profile case. As the trial progresses, it has also been disclosed that EFCC officials have been in communication with Obazee, who, despite the current challenges, has reportedly expressed his willingness to testify—provided he is formally approached through the proper legal channels.
The Central Bank of Nigeria (CBN) and the Banco Central do Brasil (Brazil’s Central Bank) have initiated fresh dialogues to enhance economic and financial collaboration between Nigeria, Africa’s largest economy, and Brazil, Latin America’s biggest market. During the meeting, CBN Governor Olayemi Cardoso highlighted that Brazil’s large Afro-Brazilian community—considered the biggest population of African descent outside the African continent—presents not only strong cultural ties but also a significant opportunity to increase remittance flows between Nigeria and Brazil. The discussion took place on the sidelines of President Bola Ahmed Tinubu’s state visit to Brazil and was part of a wider working mission designed to strengthen institutional and technical cooperation with the South American nation. Cardoso emphasized that both countries stand to gain substantially through knowledge-sharing and collaboration in digital finance, payments infrastructure, fintech innovation, and mobile money services. He stated: “Nigeria is building a stronger, more resilient financial system aimed at attracting capital, leveraging diaspora remittances, and creating a stable environment that encourages sustainable trade and investment.” The CBN Governor further explained that Brazil’s vast experience in financial inclusion policies offers Nigeria valuable lessons, while Nigeria’s rapidly growing fintech industry can also share innovative approaches that could benefit Brazil. “Brazil’s expertise in driving financial inclusion provides critical lessons, just as Nigeria’s fintech ecosystem offers insights and solutions that can be adapted in Brazil,” Cardoso remarked. On his part, Gabriel Muricca Galípolo, President of Brazil’s Central Bank, welcomed the dialogue and reaffirmed Brazil’s commitment to broadening financial cooperation with Nigeria. He described the engagement as a strategic step toward promoting financial stability, economic resilience, and mutual prosperity between the two nations. Beyond the high-level talks, the Nigerian delegation participated in several technical sessions with Brazilian counterparts. These discussions covered monetary policy frameworks, financial stability mechanisms, and regulatory cooperation strategies aimed at aligning both countries’ financial systems for future collaboration. The CBN Governor was accompanied by directors overseeing currency operations, financial policy regulation, and monetary policy, underscoring the importance Nigeria attaches to the partnership. This emerging partnership between Nigeria and Brazil signals a new era of financial diplomacy, with potential benefits for trade, remittances, fintech growth, and diaspora engagement.
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The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has projected that Nigeria’s creative sector could generate up to $25 billion, following the completion of the National Arts Theater (NAT) upgrade. This historic edifice, refurbished by the Bankers Committee, is expected to serve as a major catalyst for economic growth through the creative industry. The Economic Impact of the National Arts Theater Upgrade Cardoso emphasized the significant economic potential of the creative sector during a tour of the renovated NAT. He highlighted how the theater could trigger collaborations that would further strengthen Nigeria’s economy. “It is estimated that the creative sector can potentially generate about $25 billion. The prosperity of the creatives will serve as a powerful signal for collaboration opportunities. Once something like this is successful, others will take a cue, and it will speak for itself,” Cardoso stated. The CBN governor also praised the partnership between the private and public sectors, noting that the collaboration, combined with the spirit of the Nigerian people, could elevate the nation’s creative industry to new heights. The Legacy of the National Arts Theater Reflecting on the history of the NAT, Cardoso recalled its significance during the 1977 FESTAC event. He expressed pride in the theater’s transformation from a state of disrepair to a world-class structure. He added, “For me as a Lagosian, I saw this in 1977 when we had FESTAC. Sadly, due to lack of maintenance, the iconic edifice fell into disrepair. To witness this massive transformation to a world-class structure is a testament to the Nigerian spirit.” A Bright Future for Nigeria’s Creative Industry Cardoso believes the revamped theater will provide a professional home for creatives and enhance the industry’s potential. The initiative showcases the dedication and commitment of the sponsors and the Nigerian people to preserve history and culture. For more insights on the impact of the creative industry on Nigeria’s economy, visit The Guardian Nigeria READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
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The Central Bank of Nigeria (CBN) has officially appointed 16 new directors to oversee critical departments, effective March 3. This strategic move aims to enhance the bank’s regulatory, supervisory, and policy-driven functions, ensuring improved efficiency in the nation’s financial system. CBN’s Newly Appointed Directors and Their Departments The newly appointed directors and their respective departments include: In the financial sector, the following individuals have been appointed: Further appointments include: Additionally, the following directors have been appointed to regulatory and operational divisions: Enhancing Operational Efficiency in the Financial Sector These appointments are part of CBN’s ongoing efforts to reinforce its operational structure and regulatory oversight. The newly appointed directors will play a key role in driving Nigeria’s financial policies, ensuring stability, and fostering economic growth. For more details on CBN’s latest reforms, visit the official CBN website. Official CBN website READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
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SERAP Files Lawsuit Against CBN Over Controversial ATM Fee Increase The Socio-Economic Rights and Accountability Project (SERAP) has taken legal action against the Central Bank of Nigeria (CBN), seeking to halt the implementation of what it describes as an unlawful and unreasonable increase in ATM transaction fees. CBN’s New ATM Fee Policy Sparks Outrage The CBN recently introduced a revised ATM withdrawal fee structure, stipulating that withdrawals made from machines owned by banks but located outside their branch premises will attract a charge of N100 per N20,000 withdrawn. Additionally, transactions conducted at shopping centers, airports, or standalone cash points will incur a N100 fee plus a surcharge of up to N500 per N20,000 withdrawal. This decision has sparked significant public backlash, with many Nigerians criticizing the policy as unfairly burdening consumers while benefiting banks. SERAP Takes Legal Action In response, SERAP has filed a lawsuit (case number FHC/L/CS/344/2025) at the Federal High Court in Lagos, requesting judicial intervention to prevent the CBN from implementing the revised ATM charges. SERAP is urging the court to determine whether the CBN’s decision to increase transaction fees aligns with the Federal Competition and Consumer Protection Act 2018 and whether it violates consumer rights. SERAP’s Arguments Against the Fee Hike SERAP contends that the ATM fee hike is arbitrary, unfair, and contrary to legal provisions that protect Nigerian consumers. The organization argues that: Legal Grounds for SERAP’s Lawsuit SERAP’s case references key legal provisions that bind the CBN, including: What SERAP is Asking the Court to Do SERAP is requesting the court to: Public Reactions and Economic Impact The CBN’s decision has been widely criticized, with many Nigerians expressing concerns about the financial strain it places on lower-income individuals. Economic analysts argue that such policy changes should be absorbed by banks and shareholders rather than passed onto the public. Critics also highlight that banks continue to record substantial profits, and an increase in ATM charges will only worsen financial hardships amid Nigeria’s economic struggles. Next Steps in the Case A hearing date for the lawsuit has not yet been scheduled. In the meantime, Nigerians await the court’s decision on whether to halt the implementation of the new fees. For further updates, you can follow SERAP’s official website. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
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Central banks play a pivotal role in stabilizing a nation’s currency and economy through the implementation of monetary policies. However, their actions are often misunderstood, especially during times of economic challenges. According to PwC, it is crucial for central banks to communicate their objectives clearly and effectively to foster a proper understanding and positive public perception. This becomes even more important during economic stress periods. The Central Bank of Nigeria (CBN) has been proactively working on various policy options aimed at reviving the economy, despite significant challenges. When the current CBN leadership, under Governor Olayemi Cardoso, assumed office, it inherited an economy grappling with a failed naira redesign policy, rising inflation, and a volatile exchange rate. During his Senate screening, Cardoso acknowledged these issues but expressed optimism in the bank’s ability to implement policies that would stabilize the economy and improve public perception of the CBN. Governor Cardoso, a seasoned banker and public policy expert with a Master’s in Public Administration from Harvard Kennedy School, has a rich background in the financial sector. Prior to his appointment, he served as the Chairman of Citi Bank Nigeria and Commissioner for Economic Planning and Budget in Lagos State. Upon taking office, Cardoso was quick to refocus the CBN’s operations, aiming to minimize inefficiencies and enhance its core functions. This included returning to traditional monetary policy tools and separating the blurred lines between monetary and fiscal policies. Under Cardoso’s leadership, the CBN has centered its efforts on its primary responsibilities—setting interest rates, controlling money supply to achieve stability, formulating monetary policy, managing foreign reserves, and advising the government. One key policy carried forward from the previous administration is the unified and free-floating exchange rate regime. While this approach was supported by the World Bank, some experts warned of potential currency crises, especially as the naira depreciated to N945/USD after its implementation. The free-floating exchange rate offers several advantages, such as attracting foreign investments and allowing the currency to adjust naturally to economic changes. However, it also comes with risks, including volatility, speculation, and the possibility of worsening economic conditions in a struggling economy. Exchange rate management is a critical factor in determining trade flows and the overall health of the economy, with imports and exports playing a significant role. Currency speculation poses a serious challenge to the economy, as it is not backed by any real economic activity but driven by the motive to profit from currency fluctuations. Speculators often destabilize the currency by buying when prices are expected to rise or selling when the currency weakens. To combat this, the CBN has introduced several creative policy measures. For example, the Bank has used dollar injections into the foreign exchange market to stabilize the naira and launched the Price Verification System (PVS) portal for importers and exporters. Additionally, the CBN has directed Bureaux de Change (BDC) to align their exchange rates with those in the Importers and Exporters (I&E) Window to enhance the efficiency of the foreign exchange market. In December 2024, the CBN introduced the Electronic Foreign Exchange Matching System (EFEMS), an online platform designed to match buy and sell orders for foreign exchange transactions. EFEMS aims to reduce speculation and distortions in the market, enabling real-time price discovery. Early reports suggest that EFEMS has helped stabilize the naira’s volatility. On inflation, the CBN has adopted an explicit inflation-targeting framework to improve the effectiveness of its monetary policies. Looking ahead, the CBN is targeting an inflation rate of 15% in 2025 and projects a 4.17% GDP growth, surpassing the 3.2% forecast by the International Monetary Fund (IMF). While the full impact of these policy measures may take time, the CBN is confident in their ability to bring about the desired economic improvements. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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Discover how the Trade Ministry and CBN are collaborating to create a favorable export environment for manufacturers in Nigeria, fostering economic growth through strategic policies. Boosting Exports: Trade Ministry and CBN Collaborate to Empower Local Manufacturers The Ministry of Industry, Trade, and Investment has unveiled efforts to strengthen collaboration with the Central Bank of Nigeria (CBN) to create a supportive export environment tailored to local manufacturers’ needs. According to Dr. Jumoke Oduwole, the Minister of Industry, Trade, and Investment, these efforts include refining regulatory frameworks and engaging stakeholders, including the CBN, to ensure exporters feel encouraged to reinvest their proceeds into the Nigerian economy. Supporting Free Trade Zones and Local Manufacturers Dr. Oduwole emphasized that Nigeria’s free trade zones are designed to boost exports while safeguarding local manufacturers. Speaking at a stakeholder meeting in Lagos, she addressed concerns regarding the misuse of free trade zones, stating: “Nigeria is facing a situation where some operators in free trade zones export 100% of their products to the domestic market, which disrupts the competitive environment for tax-paying local manufacturers.” To maintain fairness, she clarified that only 25% of goods produced in free trade zones are permitted for local market sales without incurring taxes. “The essence of free zones is to provide tax relief that facilitates exports,” Oduwole reiterated, assuring local manufacturers that the ministry is committed to balancing their interests while fostering economic growth. Commitment to Export Growth The Minister reaffirmed the ministry’s dedication to driving exponential export growth, particularly in dollar terms. She highlighted the importance of ensuring export proceeds are reinvested in the Nigerian economy, saying: “We are committed to increasing exports exponentially in dollar terms and ensuring that these proceeds are repatriated to strengthen our economy.” Dr. Oduwole also stressed the need for compliance and discipline within free trade zones, overseen by the Nigerian Export Processing Zones Authority and the Oil and Gas Free Zones Authority. “This is an opportunity to instill discipline, ensure all players adhere to regulations, and support manufacturers in and outside the free trade zones,” she concluded. With these collaborative efforts, Nigeria aims to create a conducive environment for exports, empowering local manufacturers and contributing to long-term economic growth. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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The Central Bank of Nigeria (CBN) has introduced a controversial policy, imposing a daily withdrawal limit of ₦100,000 for individuals using Point-of-Sale (PoS) services. This restriction extends to a weekly cash-out cap of ₦500,000 per customer and a cumulative daily maximum of ₦1.2 million for agent transactions. This directive, issued in a circular titled “Cash-out Limits for Agent Banking Transactions”, mirrors the stringent 2022 policy that led to nationwide cash scarcity. The regulation has amplified the hardship faced by millions of Nigerians, especially those who rely on cash for daily purchases like food and essential items. The Growing Cash Crisis Across the country, bank ATMs are frequently empty, forcing citizens to depend on PoS agents for cash withdrawals. Unfortunately, this reliance comes with higher transaction charges, further straining their finances. The CBN has mandated that all agent banking terminals adhere to these cash-out limits, placing additional constraints on the already cash-strapped economy. This policy is causing frustration among Nigerians who need easy access to cash for daily survival. Key Highlights of the Directive: The policy’s implementation is seen as a double-edged sword, aiming to curb excess cash circulation while inadvertently worsening financial hardship for average Nigerians. Conclusion While the CBN’s policy seeks to regulate cash flow and encourage a cashless economy, it has sparked significant discontent among citizens. The government must address the challenges posed by these limits to mitigate their impact on Nigerians’ daily lives. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
